Cryptocurrency may be a scam after all

[whitebaty]

And I am still holding to my crypto for dear life lol

 

[bartosimpsonio]

Wait since we are on the topic of biggest scams in history do you mean that giving value to a piece of paper that I can easily wipe my robot ass with is also not the biggest scam in history?

There are plenty of scams in the history of fiat money. But at least we've come a long way in terms of auditing and sending scammers to jail. With cryptos it's insane how many scams go by as legit projects.

 

[K-Jacob D.]

* eating popcorn

 

[redjebo]

Wait since we are on the topic of biggest scams in history do you mean that giving value to a piece of paper that I can easily wipe my robot ass with is also not the biggest scam in history?

That piece of paper is representing the amount of labor put into producing goods, services and value for that banknote nominal. That's the original design in any case. The banknote itself does not hold any intrinsic value - that's the whole point. The cheaper the medium the better, hence paper. What's important is the things it represents.
Crypto in its current form represents an electrical power wasted for producing useless coin off of an open source algorithm , which is backed by the intention of miners to mine more of it. In other words useless. That's not the worst thing though. The worst is it (crypto) has the ambitions (by design) to claim all the wealth in the world for itself effectively redistributing value from everyone else to the first ones "investing" in it and less so to the late to the party. A ponzi so to speak. Imagine your mom and dad working hard all their life to secure a real estate for you to have when they pass. Then comes a crypto initiator X and he manages to convince large enough group of people that this currency is the way to go. Now your newly acquired real estate is valued in crypto and since your parents bought it with fiat but were unwilling or late to denominate in crypto you get to get a fraction of what they have worked all their life for. No sane person will agree to that.
That is why crypto has no future in its current form (just one of myriad of reasons actually).

 

[pr0ject1]

That piece of paper is representing the amount of labor put into producing goods, services and value for that banknote nominal. That's the original design in any case. The banknote itself does not hold any intrinsic value - that's the whole point. The cheaper the medium the better, hence paper. What's important is the things it represents.
Crypto in its current form represents an electrical power wasted for producing useless coin off of an open source algorithm , which is backed by the intention of miners to mine more of it. In other words useless. That's not the worst thing though. The worst is it (crypto) has the ambitions (by design) to claim all the wealth in the world for itself effectively redistributing value from everyone else to the first ones "investing" in it and less so to the late to the party. A ponzi so to speak. Imagine your mom and dad working hard all their life to secure a real estate for you to have when they pass. Then comes a crypto initiator X and he manages to convince large enough group of people that this currency is the way to go. Now your newly acquired real estate is valued in crypto and since your parents bought it with fiat but were unwilling or late to denominate in crypto you get to get a fraction of what they have worked all their life for. No sane person will agree to that.
That is why crypto has no future in its current form (just one of myriad of reasons actually).

Oh what can be cheaper than paper? I do not know maybe that piece of plastic that you have in your wallet that lets you carry your whole bank account in your back pocket that replaces thousands and thousands of pieces of paper? Guess what that turns out to be?

Just bits and bytes in the end.

Crypto is just a form of this that is not controlled by the banks because of its decentralized nature. This is the whole point.Is it stable now? No because its in its infancy.

There will be a standard coin that will be considered the norm and it will be stable. It might be Bitcoin it might not but there will be one. Yes it does use a lot of electricity but this pushes us to be more renewable and to invest in smarter ways of producing power because that also means people will make more money doing so. This is how society evolves.

While fiat well no one is motivated to find out how to make more cheaper materials for that since the only people who care about how much it cost to make one piece of paper are the ones who run it. At least bitcoin motivates the layman and offers rewards to those who are able to use renewable energies.

Oh and the dollar value has not changed since its inception right?
https://securecdn.disqus.com/uploads/mediaembed/images/488/3785/original.jpg

Hey look these guys figured out something useful to do with paper currency once it has been completely squeezed out of its value by the few elite who choose to give it that value:
https://storage.googleapis.com/afs-prod/media/media:42c973feda99450fada7105eb5da76e2/800.jpeg

 

[blackwalker]

* eating popcorn

 

[arlind-]

@bartosampsonio - https://www.nasdaq.com/quotes/institutional-portfolio/swiss-national-bank-913041 what u think about this lol

 

[valentino123]

@bartosampsonio - https://www.nasdaq.com/quotes/institutional-portfolio/swiss-national-bank-913041 what u think about this lol

What’s ur point??

 

[magicjones]

Bitcoin is nice to be paid out in The price fluctuates so much that holding it is always a gamble. That's your choice. I'm not much of a gambler so I swap it for cash asap.

 

[marly]

Here to ruffle some feathers. Dollar itself is a scam. All money is based on a collective illusion (read delusion) that it has value. In that way bitcoin or anything else is the same. Read Sapiens to understand what other illusions your life is based on.

Wonderful response!

Got any other great tips?

 

[TheBizCat]

It's a decentralized digital currency, that offers insanely fast

Whoa, don’t get ahead but of yourself there amigo. I sent a payment and it took over 7 hours to get a single confirmation.

 

[virtualpurity]

Difference is : if you try to destroy the dollar, you know who's gonna back it up. If you try to destroy cryptos, there's nobody.

I think you missed one important fact about Bitcoin which is that you CAN NOT destroy IT !
As long as there are miners mining it and users using it there is no way to stop people transact with Crypto.

How about this, they just generated 100 million dollars out of thin air: https://twitter.com/whale_alert/status/1145740151542431744

Let me share some facts with you :

The Bureau of Engraving and Printing produces 38 million notes A DAY with a face value of approximately $541 million.

The Federal Reserve, the United States central bank, has “printed” more than $2 trillion since the global economic crisis began in 2008. This has more than tripled the size of its balance sheet. Before this spree of paper money creation began, the Fedheld $950 billion in assets; now it holds nearly $3 trillion.

If you are talking about a SCAM , than the USD is the biggest SCAM of all, Tether is just a necessity which BTC needs ( as any other financial system ) in order to have a global adoption.

Whoa, don’t get ahead but of yourself there amigo. I sent a payment and it took over 7 hours to get a single confirmation.

And how much would a wire transfer take ? 3-4 days maybe ?

 

[mike#110]

Not a scam, but some big exchanges and whales are responsible for inflating the price I think.

 

[loseblue]

That piece of paper is representing the amount of labor put into producing goods, services and value for that banknote nominal. That's the original design in any case. The banknote itself does not hold any intrinsic value - that's the whole point. The cheaper the medium the better, hence paper. What's important is the things it represents.
Crypto in its current form represents an electrical power wasted for producing useless coin off of an open source algorithm , which is backed by the intention of miners to mine more of it. In other words useless. That's not the worst thing though. The worst is it (crypto) has the ambitions (by design) to claim all the wealth in the world for itself effectively redistributing value from everyone else to the first ones "investing" in it and less so to the late to the party. A ponzi so to speak. Imagine your mom and dad working hard all their life to secure a real estate for you to have when they pass. Then comes a crypto initiator X and he manages to convince large enough group of people that this currency is the way to go. Now your newly acquired real estate is valued in crypto and since your parents bought it with fiat but were unwilling or late to denominate in crypto you get to get a fraction of what they have worked all their life for. No sane person will agree to that.
That is why crypto has no future in its current form (just one of myriad of reasons actually).

Amount of labor put into producing goods, services? The dollar is LOSING its value. Its called inflation. And its due to the fact that the "FEDERAL" Reserve (nothing federal about it) is printing trillions of dollars. So the workers who are producing goods and services are LOSING buy power. Now lets say they get paid in Bitcoin or Ethereum that actually GAINS value instead, this INCREASES their buying power. Its true, there are a lot of shitcoins out there, and these will not be around for long. So I didnt invest in Microsoft or Amazon, they increased in value so its a ponzi, and what are you even talking about? The parents still own the land, the property, no matter what currency is being used at the time it still has its own value. If they however want to get paid in 2005 amazon stock shares you are unfortunately shit out of luck. Theres a lot of people whining about the fact that they did not get into crypto as early as someone else, but let me tell you something big.. ITS STILL F:in EARLY

 

[cheva]

Wonderful response!

Got any other great tips?

Not really my friend. Tips/advice are like assholes. Everyone has one, but you probably want to stay away from most

 

[marly]

Not really my friend. Tips/advice are like assholes. Everyone has one, but you probably want to stay away from most

Haha gotta love it!

 

[shiboshy]

I think you missed one important fact about Bitcoin which is that you CAN NOT destroy IT !
As long as there are miners mining it and users using it there is no way to stop people transact with Crypto.



Let me share some facts with you :





If you are talking about a SCAM , than the USD is the biggest SCAM of all, Tether is just a necessity which BTC needs ( as any other financial system ) in order to have a global adoption.



And how much would a wire transfer take ? 3-4 days maybe ?

Damn if everyone was thinking like you, the world would be a better place.
Still when you cash out in the right time, the smell of dollars or rubles is good, right?

 

[kinglion]

You're thinking about the "what-ifs" not really likely. I mean take PayPal for example. It's not a bank. What did you think PayPal funds are? They are a made up currency.

It is still backed by "real" Cash. They take your money to their own bank accounts and tell you that you have "xxx€" available to spent.

They don't offer made up currency

 

[shiboshy]

It is still backed by "real" Cash. They take your money to their own bank accounts and tell you that you have "xxx€" available to spent.

They don't offer made up currency

Backed up by real cash that is about to burst way before Bitcoin does. Like the Chinese Yuan.

 

[kinglion]

Backed up by real cash that is about to burst way before Bitcoin does. Like the Chinese Yuan.

That the reason why i put real in quotation marks

Maybe i will create a thread about the money system to explain how cash etc. Works.